After being labeled "Romney Hood" - Robin Hood in reverse - by the president Monday, presumptive GOP nominee Mitt Romney fired back with his own wordplay Tuesday, calling President Barack Obama's jab a bunch of "Obamaloney."

"It's Romney Hood," the president added to loud applause from 500 supporters in a Stamford, Connecticut ballroom.

The comments were in reference to a recent report from the non-partisan Tax Policy Institute that claims Romney's tax proposals are likely to result in a net tax increase of $2,000 for middle-class wage earners while cutting hundreds of thousands of dollars from the tax bills of the country's most wealthy.

"He'd ask the middle class to pay more in taxes so he could give another $250,000 to those making more than $3 million a year," Obama also said at the event. The Romney campaign has disputed the study, arguing that the analysis was flawed because it did not account for additional revenue that would result from a reduction in the corporate tax rate - another part of the candidate's plan.

"President Obama recently said the biggest regret of his first term was not telling better stories. He's trying to make up for it now, but his stories just aren't true," Williams wrote. "There's only one candidate in this race who's going to raise taxes on the American people – and that's Barack Obama. While he's used taxpayer dollars to grow government and reward his donors, middle-class Americans have seen fewer jobs, lower incomes, and less hope for the future. Mitt Romney has a plan for a stronger middle class – and, unlike President Obama, a record of accomplishment behind it."